It’s the weekend and the price of Dogecoin has surged nearly 40%. Inserted into the news cycle is the fact that the support from billionaire Elon Musk and the announcement that Coinbase will list the token, is causing more Doge excitement. This is the much needed boost that has allowed the volatile token to reclaim its spot as the fourth most valuable cryptocurrency. Earlier this week Musk shocked the crypto community by saying that Tesla would no longer accept Bitcoin as payment. Now the market is trying to regain an upward-trend after correcting from a dismal $350 billion downtrend.
If you didn’t know by now, Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. Nevertheless, Doge is no laughing matter any longer.
Dogecoin price today is $0.568287 USD with a 24-hour trading volume of $23,730,176,950 USD. Dogecoin is up 47.18% in the last 24 hours. The current CoinMarketCap ranking is #4, with a live market cap of $73,648,199,534 USD. It has a circulating supply of 129,596,729,141 DOGE coins and the max. Some crypto analysis are prediction that Doge will hit a new ATH in the next few days.
Jake Wujastyk, chief market analyst at TrendSpider, said that if the Dogecoin can contend with selling from newbie investors who may be eager to sell the asset around 54 cents then its trajectory may be more clearly bullish. “If it can get through this area, the next level above would be the previous highs hit in early May around 74 cents,” wrote the analyst.
